Link to the article: Channel 4 News
By Channel 4 News
It has emerged that the cause of the alarming rise in oil prices this week was not a political crisis in the middle east but a trader placing a massive bet on the oil market.
The deal by a trader at PVM Oil Associates panicked the market, causing prices to shoot up by $2.50 per barrel in just an hour.
They hit $73.50, the highest price seen this year. The company lost £6m.
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Business Resources
Blog Archive
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2009
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July
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- Spotify puts Apple in a lose-lose dilemma
- Apple's Profit Soars
- Market forces hit street traders
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- United Airlines hit by complaint song
- Link to the article: Channel 4 NewsAmerica's banks...
- Pub closures at epidemic levels
- US bank profits: repossessions rise
- Back to Ban Bonuses: Crisis Survivors
- Rich Resist The Recession
- Swine flu threatens green shoots
- Trader sparked oil rise
- M&S cautious after fall in sales
- Rail privatisation - a short history
- Franchise bid derails National Express
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